- Announces distribution increase of 3.5%, a cumulative increase
of 38.2% since initial public offering
- Receives Zero Carbon Building Design Certification for new
distribution centre development in Calgary, Alberta
TORONTO, May 8, 2023
/CNW/ - CT Real Estate Investment Trust
("CT REIT" or "the REIT") (TSX: CRT.UN) today
reported its consolidated financial results for the first quarter
ending March 31, 2023.
"CT REIT's resilient fundamentals and consistent growth
were once again on display in Q1, and this dynamic combination gave
our board the confidence to approve yet another distribution
increase, our tenth since our Initial Public Offering in
2013. CT REIT has now raised its
distribution by 38.2% on a cumulative basis over this time,"
said Kevin Salsberg, President and
Chief Executive Officer of CT REIT. "In addition to our
strong results and ability to increase returns to our Unitholders,
I am also pleased that our new industrial development in
Calgary has received its net zero
certification. We decided to construct one of Canada's first net zero industrial
developments with the future of a low-carbon economy in mind, and
this recent certification furthers our venture into responsible
development, a key component of our ESG strategy."
"We look forward to hosting our Annual Meeting of
Unitholders on May 9th,
2023, at 10:00 a.m. Eastern
Time, when I will be further
discussing CT REIT's progress to date and plans for the
future. I would like to thank David
Laidley, who is retiring after successfully leading the
REIT's Board since its inception in 2013, for all of his efforts
and contributions to our success over the last ten years. Following
the meeting, it is expected that John
O'Bryan will be appointed as CT REIT's new Chair of the
Board of Trustees. John is a highly regarded corporate leader with
deep roots in the Canadian real estate community and I look forward
to working with him in his new role." added Mr. Salsberg.
Distribution Increase
The Board of Trustees of CT REIT has
approved a 3.5% distribution increase that will be effective with
the July 2023 payment to unitholders
of record on June 30, 2023. Monthly
distributions will increase to $0.07485 per unit, or $0.89821 per unit on an annualized basis.
Update on net zero distribution centre
development in Calgary, Alberta
In February 2022, the REIT
announced its intention to develop a new distribution centre to a
net zero standard in Calgary,
Alberta. The project has now received certification under
the Canada Green Building Council's Zero Carbon Building Design
Standard. When completed, it will be the REIT's first project
designed to a net zero standard and one of the first such buildings
developed in Canada. It will add
approximately 350,000 square feet of gross leasable area ("GLA")
upon completion, which is anticipated by the end of 2023.
New Investment Activity
CT REIT announced one new investment, which will require an
estimated $6.6 million to complete.
This investment is expected to earn a weighted average cap rate of
6.37%, representing approximately 22,000 square feet of incremental
GLA.
The table below summarizes the new investment and its anticipated completion date:
Property
|
Type
|
GLA (sf.)
|
Timing
|
Activity
|
Fergus, ON
|
Third-Party
Acquisition/
Intensification
|
22,000
|
Q2 2023 / Q4 2024
|
Acquisition of adjacent land
from a third-party and expansion of an
existing Canadian Tire store
|
Update on Previously Announced
Investment and Development Activity
CT REIT invested $13 million in a project
that was completed
in the first quarter and added 39,000 square
feet of incremental GLA to the portfolio. This project
consists of the development of mid-box and CRU space for
third-party tenants adjacent to the recently-built Canadian Tire
store in Moose Jaw, Saskatchewan.
The table below provides
an activity update on the previously announced
investment.
Property
|
Type
|
GLA (sf.)
|
Timing
|
Activity
|
Moose
Jaw, SK
|
Development
|
39,000
|
Q1 2023
|
Development of mid-box and CRU space
for third-party tenants
|
As of March 31, 2023, CT REIT had
1,265,000 square feet of GLA under development, of which
approximately 99.4% is subject to committed lease agreements. These
developments represent an investment of approximately $389 million upon completion, of which
$141 million has been spent to
date.
Financial and Operational Summary
Summary of Selected Information
|
|
|
|
(in thousands of Canadian dollars, except unit, per unit and square footage
amounts)
|
Three
Months Ended March 31,
|
|
2023
|
2022
|
|
Change
|
Property
revenue
|
$
|
137,506
|
$
|
131,950
|
4.2 %
|
Net operating income
1
|
$
|
107,417
|
$
|
102,786
|
4.5 %
|
Net income
|
$
|
70,511
|
$
|
93,079
|
(24.2) %
|
Net income per unit - basic
2
|
$
|
0.300
|
$
|
0.399
|
(24.8) %
|
Net income per unit - diluted 3
|
$
|
0.265
|
$
|
0.345
|
(23.2) %
|
Funds from operations 1
|
$
|
75,328
|
$
|
71,825
|
4.9 %
|
Funds from operations per unit - diluted 2,4,5
|
$
|
0.320
|
$
|
0.307
|
4.2 %
|
Adjusted funds from
operations 1
|
$
|
69,231
|
$
|
65,053
|
6.4 %
|
Adjusted funds from
operations per unit
- diluted 2,4,5
|
$
|
0.294
|
$
|
0.278
|
5.8 %
|
Distributions per unit - paid 2
|
$
|
0.217
|
$
|
0.210
|
3.3 %
|
AFFO payout ratio 4
|
73.8 %
|
75.5 %
|
(1.7) %
|
Cash generated from operating activities
|
$
|
104,856
|
$
|
99,396
|
5.5 %
|
Weighted average number
of units outstanding 2
|
|
|
|
Basic
|
234,837,356
|
233,356,669
|
0.6 %
|
Diluted
3
|
326,359,367
|
315,798,786
|
3.3 %
|
Diluted
(non-GAAP) 5
|
235,147,397
|
233,643,504
|
0.6 %
|
Indebtedness ratio
|
40.7 %
|
40.9 %
|
(0.2) %
|
Gross
leasable area (square feet) 6
|
30,040,543
|
29,182,918
|
2.9 %
|
Occupancy
rate 6,7
|
99.2 %
|
99.3 %
|
(0.1) %
|
1 This is a
non-GAAP financial measure. See "Specified Financial Measures"
below for more information.
|
2 Total
units means Units and Class B LP Units outstanding.
|
3 Diluted
units determined in accordance with IFRS includes restricted and
deferred units issued under various plans and the effect of
assuming that all of the Class C LP Units will be settled with
Class B LP Units. Refer to section 7.0 of the MD&A.
|
4 This is a
non-GAAP ratio. See "Specified Financial Measures" below for more
information.
|
5 Diluted
units used in calculating non-GAAP measures include restricted and
deferred units issued under various plans and exclude the effect of
assuming that all of the Class C LP Units will be settled with
Class B LP Units. Refer to section 7.0 of the MD&A.
|
6 Refers to
retail, mixed-use commercial and industrial properties and excludes
Properties Under Development.
|
7 Occupancy
and other leasing key performance measures have been prepared on a
committed basis which includes the impact of existing lease
agreements contracted on or before March 31, 2023 and March 31,
2022.
|
Financial Highlights
Net Income – Net income was $70.5
million for the quarter, a decrease of $22.6 million or 24.2%, compared to the same
period in the prior year, primarily due to a decrease in the fair
value adjustment on investment properties, partially offset by an
increase in net operating income.
Net Operating Income (NOI)* – Total property
revenue for the quarter was $137.5
million, which was $5.6 million or 4.2% higher compared
to the same period in the prior year. In the first quarter, NOI
was $107.4 million, which was $4.6
million or 4.5% higher compared to the same period in the
prior year. This was primarily due to the intensifications of
income-producing properties completed in 2023 and 2022,
which contributed $2.1 million to NOI
growth, and rent escalations from Canadian Tire leases,
contributing a further $1.8 million.
Same store NOI was $104.3 million,
and same property NOI was $106.5
million for the quarter, which was $2.5 million or 2.5%, and $4.6 million or 4.5%, respectively, higher when
compared to the prior year. Same store NOI increased primarily due
to increased revenue derived from contractual rent escalations, and
recovery of capital expenditures and interest earned thereon. Same
property NOI increased primarily due to the increase in same store
NOI noted, as well as an increase
from intensifications completed in 2023 and 2022.
Funds from Operations (FFO)* - FFO for the quarter was
$75.3 million, which was $3.5 million or 4.9% higher than the same period
in 2022, primarily due to the impact of NOI variances. FFO per unit
- diluted (non-GAAP) for the quarter was $0.320 per unit - diluted (non-GAAP), which was
$0.013 per unit - diluted (non-GAAP)
or 4.2% higher, compared to the same period in 2022, due to the
growth of FFO exceeding the growth in the weighted average units
outstanding - diluted (non-GAAP).
Adjusted Funds from Operations (AFFO)* – AFFO for
the quarter was $69.2 million, which
was $4.2 million or 6.4% higher than
the same period in 2022, primarily due to the impact of NOI
variances. AFFO per unit - diluted (non-GAAP)
for the quarter was $0.294 per unit - diluted
(non-GAAP), which was $0.016
or 5.8% higher,
compared to the same period in 2022, due to the growth
of AFFO exceeding the growth in the
weighted average units outstanding - diluted (non-GAAP).
Distributions – Distributions per unit in the quarter
amounted to $0.217,
which was 3.3% higher than the same period
in 2022 due to increases in the rate of distribution which became
effective with the monthly distributions paid in July 2022.
Operating Results
Leasing – CTC is CT REIT's most significant tenant. As at March 31, 2023, CTC represented 92.0% of
total GLA and 91.3% of annualized base minimum rent.
Occupancy – As at March 31, 2023, CT REIT's portfolio
occupancy rate, on a committed basis, was
99.2%.
*NOI, FFO and AFFO are Specified
Financial Measures. See below for additional information.
Specified Financial Measures
CT REIT uses specified financial
measures as defined
by National Instrument 52-112 Non-GAAP and Other
Financial Measures Disclosure of the Canadian
Securities Administrators ("NI 52-112").
CT REIT believes these specified financial measures
provide useful information to both management and investors in
measuring the financial performance of CT REIT and its ability to
meet its principal objective of creating Unitholder value
over the long term by generating reliable, durable and growing
monthly cash distributions on a tax-efficient basis.
These specified financial measures used in this document
include non-GAAP financial measures and non-
GAAP ratios, within the meaning of NI 52-112.
Non-GAAP financial measures
and non-GAAP ratios do not have a standardized
meaning prescribed by IFRS, also referred to as generally accepted
accounting principles ("GAAP"), and therefore they may not be
comparable to similarly titled measures and ratios
presented by other publicly traded entities
and should not be construed as an alternative
to other financial measures determined in accordance with
GAAP.
See below for further information on specified financial
measures used by management in this document and, where applicable,
for reconciliations to the nearest GAAP measures.
Net Operating Income
NOI is a non-GAAP financial measure defined as property revenue
less property expense, adjusted for straight-line rent. The most
directly comparable primary financial statement measure is property
revenue. Management believes that NOI is a useful key indicator of
performance as it represents a measure of property operations over
which management has control. NOI is also a key input in
determining the fair value of the portfolio of Properties. NOI
should not be considered as an alternative to property revenue or
net income and comprehensive income, both of which are determined
in accordance with IFRS.
(in thousands of
Canadian dollars)
|
Three Months
Ended
|
For the periods
ended March 31,
|
2023
|
2022
|
Change 1
|
Property revenue
|
$
|
137,506
|
$
|
131,950
|
4.2 %
|
Less:
|
|
|
|
Property expense
|
(30,511)
|
(28,702)
|
6.3 %
|
Property
straight-line rent revenue
|
422
|
(462)
|
NM
|
Net operating income
|
$
|
107,417
|
$
|
102,786
|
4.5 %
|
Funds From Operations and Adjusted Funds
From Operations
Certain non-GAAP financial measures for the real estate industry
have been defined by the Real Property Association of Canada under its publications, "REALPAC Funds
From Operations & Adjusted Funds From Operations for IFRS" and
"REALPAC Adjusted Cashflow from Operations for IFRS". CT REIT
calculates Fund From Operations, Adjusted Funds From Operations and
Adjusted Cashflow from Operations in accordance with these
publications.
The following table reconciles GAAP net income and comprehensive income to FFO and further
reconciles FFO to AFFO:
(in thousands of Canadian dollars)
|
Three Months Ended
|
For the periods ended
March 31,
|
2023
|
2022
|
Change 1
|
Net Income and comprehensive income
|
$
70,511
|
$
93,079
|
(24.2) %
|
Fair value adjustment on investment property
|
4,180
|
(22,077)
|
NM
|
GP income tax expense
|
444
|
541
|
(17.9) %
|
Lease
principal payments on right-of-use assets
|
(351)
|
(112)
|
NM
|
Fair value adjustment of unit-based compensation
|
298
|
191
|
56.0 %
|
Internal
leasing expense
|
246
|
203
|
21.2 %
|
Funds from operations
|
$
75,328
|
$
71,825
|
4.9 %
|
Property
straight-line rent revenue
|
422
|
(462)
|
NM
|
Direct leasing costs
2, 3
|
(192)
|
(97)
|
97.9 %
|
Capital expenditure reserve
2
|
(6,327)
|
(6,213)
|
1.8 %
|
Adjusted funds from operations
|
$
69,231
|
$
65,053
|
6.4 %
|
1 NM - not meaningful.
|
2 Comparatives have been restated to conform with current year's
presentation.
|
3 Excludes internal and external leasing
costs related to development projects.
|
Funds From Operations
FFO is a non-GAAP
financial measure of operating performance used by the real estate
industry, particularly by those publicly traded entities that own
and operate income-producing properties. The most directly
comparable primary financial statement measure is net income
and comprehensive income. FFO should not be considered as an
alternative to net income or cash flows provided by operating
activities determined in accordance with
IFRS. The use of FFO, together with the
required IFRS presentations, has been included for the
purpose of improving the understanding of the operating results of
CT REIT.
Management believes that FFO is a useful
measure of operating performance that, when compared period-
over-period, reflects the impact on operations of trends in
occupancy levels, rental rates, operating costs and property taxes,
acquisition activities and interest costs, and provides a
perspective of the financial performance that is not immediately
apparent from net income determined in accordance with IFRS.
FFO adds back to net income items that do not arise from
operating activities, such as fair value adjustments. FFO,
however, still includes non-cash revenues related to accounting for
straight-line rent and makes no deduction for the recurring capital
expenditures necessary to sustain the existing earnings stream.
Adjusted Funds From Operations
AFFO is a non-GAAP financial measure of recurring economic
earnings used in the real estate industry to assess an entity's
distribution capacity. The most directly comparable primary
financial statement measure is net income and comprehensive income.
AFFO should not be considered as an alternative to net income or
cash flows provided by operating activities determined in
accordance with IFRS.
CT REIT calculates AFFO by adjusting FFO for non-cash
income and expense
items such as amortization of straight-line
rents. AFFO is also adjusted for a reserve for maintaining the
productive capacity required for sustaining property infrastructure
and revenue from real estate properties and direct leasing costs.
As property capital expenditures do not occur evenly during the
fiscal year or from year to year, the capital expenditure reserve
in the AFFO calculation, which is used as an input in assessing the
REIT's distribution payout ratio, is intended to reflect an
average annual spending level. The reserve is primarily based on
average expenditures as determined by building condition reports
prepared by independent consultants.
Management believes that AFFO is a useful
measure of operating performance similar to FFO as described
above, adjusted for the impact of non-cash income and expense
items.
Capital Expenditure Reserve
The following table compares and reconciles recoverable capital expenditures during
the 2022-2023 period to the capital expenditure reserve
used in the calculation of AFFO:
(in thousands of Canadian dollars)
|
Capital
expenditure reserve 1
|
Recoverable
capital
expenditures
|
|
For the periods indicated
|
Variance
|
Year
ended December 31, 2022
|
$
|
25,030
|
$
|
26,835
|
$
|
(1,805)
|
Period ended March 31, 2023
|
$
|
6,327
|
$
|
824
|
$
|
5,503
|
1 Comparatives have been restated
to conform with current year's
presentation.
|
The capital expenditure reserve is a non-GAAP financial measure and
management believes the reserve is a useful measure to understand
the normalized capital expenditures required to maintain property
infrastructure. Recoverable capital expenditures are the most
directly comparable measure that is disclosed in the REIT's primary
financial statements. The capital expenditure reserve should not be
considered as an alternative to recoverable capital expenditures,
which is determined in accordance with IFRS.
The capital expenditure reserve varies from the capital
expenditures incurred due to the seasonal nature of the
expenditures. As such, CT REIT views the capital expenditure
reserve as a meaningful measure.
FFO per unit - Basic, FFO per unit -
Diluted (non-GAAP), AFFO per unit -
Basic and AFFO per unit - Diluted (non-GAAP)
FFO per unit - basic, FFO per unit - diluted (non-GAAP), AFFO per unit - basic and AFFO per unit - diluted
(non-GAAP) are non-GAAP ratios and reflect FFO and AFFO on a
weighted average per unit basis. Management believes these non-GAAP
ratios are useful measures to investors since the measures indicate
the impact of FFO and AFFO, respectively, in relation to
an individual per unit investment in the REIT. For
the purpose of calculating diluted
per unit amounts, diluted units include
restricted and deferred units issued under various
plans and exclude the effects of settling the Class C LP Units with
Class B LP Units.
Management believes that FFO per unit ratios are useful measures
of operating performance that, when compared period-over-period,
reflect the impact on operations of trends in occupancy levels,
rental rates, operating costs and property taxes, acquisition
activities and interest costs, and provides a perspective of the
financial performance that is not immediately apparent from net
income per unit determined in accordance with IFRS. Management
believes that AFFO per unit ratios are useful measures of
operating
performance similar to FFO as described above,
adjusted for the impact of non-cash income and expense
items. The FFO per unit and AFFO per
unit ratios are not standardized financial measures under
IFRS and should not be considered as an alternative to other
ratios determined in accordance with IFRS. The
component of the FFO per unit ratios,
which is a non-GAAP financial
measure, is FFO, and the component
of AFFO per unit ratios, which is a non-GAAP financial
measure, is AFFO.
Three Months Ended
For the periods
ended March 31,
|
2023
|
2022
|
Change
|
Funds from operations/unit - basic
|
$
|
0.321
|
$
|
0.308
|
4.2 %
|
Funds from operations/unit - diluted
|
$
|
0.320
|
$
|
0.307
|
4.2 %
|
Three Months Ended
For the periods
ended March 31,
|
2023
|
2022
|
Change
|
Adjusted funds from operations/unit - basic
|
$
|
0.295
|
$
|
0.279
|
5.7 %
|
Adjusted funds from operations/unit - diluted
|
$
|
0.294
|
$
|
0.278
|
5.8 %
|
Management calculates the weighted average units outstanding -
diluted (non-GAAP) by excluding the full conversion of the Class C
LP Units to Class B LP Units, which is not considered a likely
scenario. As such, the REIT's fully diluted per unit FFO and AFFO
amounts are calculated, excluding the effects of settling the Class
C LP Units with Class B LP Units, which management considers a more
meaningful measure.
AFFO Payout Ratio
The AFFO payout ratio
is a non-GAAP ratio which is a measure of the sustainability of the REIT's distribution payout.
Management believes this is a useful measure
to investors since this metric provides
transparency on performance. Management considers the AFFO
payout ratio to be the best measure of the REIT's distribution
capacity. The AFFO payout ratio is not a standardized
financial measure under IFRS and should not be considered as an
alternative to other ratios determined in accordance
with IFRS. The component of the AFFO payout ratio, which
is a non-GAAP financial measure, is AFFO, and the composition
of the AFFO payout ratio is as follows:
Three Months Ended
For the periods
ended March 31,
|
2023
|
2022
|
Change
|
Distribution per unit - paid (A)
|
$
|
0.217
|
$
|
0.210
|
3.3 %
|
AFFO
per unit - diluted (non-GAAP) 1 (B)
|
$
|
0.294
|
$
|
0.278
|
5.8 %
|
AFFO
payout ratio (A)/(B)
|
73.8 %
|
75.5 %
|
(1.7) %
|
1 For the purposes
of calculating diluted per unit amounts,
diluted units include restricted and deferred
units issued under various plans and excludes the effects
of settling the Class C LP Units with Class B LP Units.
|
Same Store NOI
Same store NOI is a non-GAAP financial measure which reports the
period-over-period performance of
the same asset base having
consistent GLA in both periods.
CT REIT management believes same store NOI
is a useful measure to gauge the change in asset productivity and
asset value. The most directly comparable primary financial
statement measure is property revenue. Same store NOI should not
be considered as an alternative to property revenue
or net income and comprehensive income, both of which
are determined in accordance with IFRS.
Same Property NOI
Same property NOI is a non-GAAP financial measure that is
consistent with the definition of same store NOI above, except that
same property includes the NOI impact of intensifications.
Management believes same property NOI is a useful measure to gauge
the change in asset productivity and asset value, as well as
measure the additional return earned by incremental capital
investments in existing assets. The most directly comparable
primary financial statement measure is property revenue. Same
property NOI should not be considered as an alternative to property
revenue or net income and comprehensive income, both of which are
determined in accordance with IFRS.
Acquisitions,
Developments and Dispositions NOI
Acquisitions, developments and dispositions NOI is a non-GAAP
financial measure that is consistent with the definition of NOI
above with respect to new property or dispositions of property not
included in same property NOI. CT REIT management believes
acquisitions, developments, and dispositions NOI is a useful
measure to gauge the change in asset productivity and asset value.
The most directly comparable primary financial statement measure is
property revenue. Acquisitions, developments, and dispositions NOI
should not be considered as an alternative to property revenue or
net income and comprehensive income, both of which are determined
in accordance with IFRS.
The following table summarizes the same store
and same property components of NOI:
(in thousands
of Canadian dollars)
|
Three Months Ended
|
For the periods
ended March 31,
|
2023
|
2022
|
Change
1
|
Same store
|
$
|
104,346
|
$
|
101,827
|
2.5 %
|
Intensifications
|
|
|
|
2023
|
15
|
—
|
NM
|
2022
|
2,158
|
117
|
NM
|
Same property
|
$
|
106,519
|
$
|
101,944
|
4.5 %
|
Acquisitions,
developments and dispositions
|
|
|
|
2023
|
(16)
|
808
|
NM
|
2022
|
914
|
34
|
NM
|
Net operating income
|
$
|
107,417
|
$
|
102,786
|
4.5 %
|
Add:
|
|
|
|
Property expense
|
30,511
|
28,702
|
6.3 %
|
Property
straight-line rent revenue
|
(422)
|
462
|
NM
|
Property Revenue
|
$
|
137,506
|
$
|
131,950
|
4.2 %
|
Management's Discussion and Analysis (MD&A) and Interim Condensed Consolidated Financial
Statements (Unaudited) and Notes
Information in this press release is a select summary of
results. This press release should be read in conjunction with CT
REIT's MD&A for the period ended March
31, 2023 (Q1 2023 MD&A) and Interim Condensed
Consolidated Financial Statements (Unaudited) and Notes for the
period ended March 31, 2023, which
are both available on SEDAR at http://www.sedar.com and at
http://www.ctreit.com
Note: Unless otherwise indicated, all figures in this press release are as at March 31, 2023, and are
presented in Canadian dollars.
Forward-Looking Statements
This press release contains forward-looking statements and
information that reflect management's current expectations related
to matters such as future financial performance and operating
results. Forward-looking statements are provided for the purposes
of providing information about management's current expectations
and plans and allowing investors and others to get a better
understanding of our future outlook, anticipated events or results
and our operating environment. Readers are cautioned that such
information may not be appropriate for other purposes.
Certain statements other than statements of historical facts
included in this document may constitute
forward-looking information, including, but not limited to,
statements concerning the REIT's ability to complete the
investments under the heading "New Investment Activity", the timing
and terms of any such investments and the benefits expected to
result from such investments, statements concerning developments,
intensifications, results, performance, achievements, and prospects
or opportunities for CT
REIT. Forward-looking information is based on reasonable assumptions, estimates, analyses, beliefs,
and opinions of management made in light of its experience and
perception of prospects and opportunities, current conditions and
expected trends, as well as other factors that management believes
to be relevant and reasonable at the date such information is
provided.
By its very nature, forward-looking information requires the use
of estimates and assumptions and is subject to inherent risks and
uncertainties. It is possible that the REIT's assumptions,
estimates, analyses, beliefs, and opinions are not correct, and
that the REIT's expectations and plans will not be achieved.
Although the forward-looking information contained in this press
release is based on information, assumptions and beliefs which are
reasonable in the opinion of management and complete, this
information is necessarily subject to a number of factors that
could cause actual results to differ materially from management's
expectations and plans as set forth in such forward-looking
information.
For more information on the risks,
uncertainties and assumptions that could cause
the REIT's actual results to differ from current
expectations, refer to section 4 "Risk Factors" of CT REIT's
Annual Information Form for fiscal 2022, and to section 12.0
"Enterprise Risk Management" and 14.0 "Forward-
looking Information" of CT REIT's
MD&A for fiscal
2022 as well as the REIT's other
public filings available at http://www.sedar.com and
at http://www.ctreit.com.
The forward-looking statements and information contained herein
are based on certain factors and
assumptions as of the date hereof. CT REIT
does not undertake to update any forward-looking information,
whether written or oral, that may be made from time to time by it
or on its behalf, to reflect new information, future events or
otherwise, except as is required by applicable securities laws.
Information contained in or otherwise
accessible through the websites referenced in this press
release
does not form part of this press release and is not incorporated by reference into this press release. All
references to such websites are inactive textual references and are
for information only.
Additional information about CT REIT has been filed
electronically with various securities regulators in Canada through SEDAR and is available at
http://www.sedar.com and at http://www.ctreit.com.
Annual Meeting
As previously announced, CT REIT's Annual Meeting of Unitholders
will take place on Tuesday May 9,
2023 at 10:00a.m. (Eastern
Time). The annual meeting will be held in a virtual format
by way of live audio webcast and teleconference. Please refer to
http://www.ctreitagm.com for additional details on the annual
meeting.
Conference Call
CT REIT will conduct a conference call to discuss information
included in this news release and related matters at 8:00 a.m. (Eastern Time) on May 9, 2023. The conference call will be
available simultaneously and in its entirety to all interested
investors and the news media by dialing 416-340-2217 (Participant
passcode: 7287620#) or 1-800-806-5484 or through a webcast at
https://www.ctreit.com/English/news-and- events/events-and-webcasts/default.aspx and
will be available through replay for 12 months.
About CT Real Estate
Investment Trust
CT REIT is an unincorporated, closed-end real estate investment
trust formed to own income-producing commercial properties located
primarily in Canada. Its portfolio
is comprised of over 370 properties totalling more than 30 million
square feet of GLA, consisting primarily of net lease single-tenant
retail properties located across Canada.
Canadian Tire Corporation, Limited is CT REIT's most significant tenant.
For more information, visit ctreit.com.
SOURCE CT Real Estate Investment Trust (CT REIT)